Can I pay my VA Loan off early?
Okay, I want to answer a question today that I often get about “can I pay off my loan early?” There are no limitations to how long you have to maintain your VA loan. You can accelerate it or at any point any time pay it off without any penalties. This frees up your eligibility to purchase another home or just to you know you have paid that debt off. I still always recommend that everyone looks at it strategically to make sure it’s the right decision when to go through and pay it off or to keep that liability or that debt. You always want to check and see if its right for you to pay off or what your options are. I’ve always recommended an app you can put on your phone, you can go through and look it up called Karl’s Mortgage Calculator, it’s spelled with a K. You can go in there and basically pinpoint when I want to pay my house off. It is something you really want to plan at it and make that a decision to do it or not but still most the time if you take that extra 2 3 4 or $500 as a side instead of putting that extra every month on your house you put it into some form of investing. Your money is typically going to double every seven to eight years. So you’re gonna put it into something and then at the end of that now you have a choice because it’s your capital, your money. If you want to go and pay your house off you can. If you put it against the house and you ever need any cash the bank wants you to put that extra money towards that house because when you need something you go back to them to seek financing. These are some things to wrestle with going through and see if it’s beneficial to pay it off or not. You can always call me, I’ll always give you the advice to have a house paid off. this is one of your highest priorities and goals, and I’m up to 28 people now that I know I’ve done a loan for that have got to the point to pay it off. So never stop having that be your goal, definitely get that taken care of. So hopefully that answers your question. If there is anything else please please let me know! Thank you!